Former Minister of Information under the Akufo-Addo administration, Kojo Oppong Nkrumah, has mounted a strong defence of the Gold-for-Oil policy intro
Former Minister of Information under the Akufo-Addo administration, Kojo Oppong Nkrumah, has mounted a strong defence of the Gold-for-Oil policy introduced during the Akufo-Addo–Bawumia government, insisting that the programme has been critical to stabilising fuel supply and the cedi.
Speaking after the Economy and Development Committee of Parliament, of which he is a member, met with the Bank of Ghana (BoG) on Monday, Oppong Nkrumah said claims that the Gold-for-Oil initiative did not exist were “propaganda” that should be ignored.
According to BoG data presented at the meeting, about $1.7 billion worth of fuel cargo was financed through the Gold-for-Oil programme in the first half of 2025 alone.
Oppong Nkrumah stressed that this is clear evidence that the policy is working.
He also noted that between the first half of 2024 and the same period in 2025, global gold prices surged by 43% and cocoa prices by about 90%, significantly boosting Ghana’s foreign exchange earnings.
In addition, the BoG has injected over $2 billion from its reserves into the market to support the cedi.
BOG Governor, Johnson Asiamah
To safeguard future earnings, the central bank is initiating a programme to hedge part of Ghana’s gold reserves.
Oppong Nkrumah described the gold purchase strategy—also introduced under Akufo-Addo–Bawumia—as a “masterstroke” in currency management.
However, the Ofoase-Ayirebi MP was critical of the BoG’s decision to sterilise GH¢60 billion from the economy since January to control inflation.
He argued that such funds could be redirected into productive ventures such as the Venture Capital Trust Fund (VCTF) and the Ghana Stock Exchange (GSE) to create jobs and stimulate growth.
“We are urging a reversal and rechanneling so that this liquidity can directly impact the economy,” he said.
On persistent complaints of dollar shortages, Oppong Nkrumah revealed that the BoG has launched investigations into the Nostro holdings and net open positions of commercial banks to determine why foreign exchange is scarce in the market. While the BoG maintains that forex levels are adequate, some market players believe demand is being deliberately suppressed to maintain a fixed exchange rate.
Findings from the investigation are expected within a month.
Although Parliament is currently on recess, the Economy and Development Committee has continued its work.
Oppong Nkrumah emphasised that the discussions with the BoG are vital in shaping policies that will sustain economic stability and growth.
COMMENTS